So, anyone that claims Social Security as soon as possible — thereby incurring the largest benefit reduction (30% for those born in 1960 or later) — would shortchange themselves by thousands of dollars. That's because delaying benefits beyond age 62 results in a higher payout, though there is no advantage to delaying past 70.

In 2024, the life expectancy for someone born in 1959 was 74 for men and 80.1 for women, according to a Social Security report. The report predicts continuing increases in life expectancy, which translates into even more years that beneficiaries will receive Social Security checks.

If you continue to earn an income after taking Social Security and you're under your full retirement age (FRA), your wages will be subject to the retirement earnings-test income limit. When your income surpasses this limit, your benefits will be reduced in the years leading up to your FRA.

One of the most critical decisions is when to start receiving Social Security benefits. Social Security is a primary source of retirement income for many Americans, so it makes sense to think about all the possible ways to maximize benefits.

Social Security is one of the biggest financial bonuses of aging. Once you claim benefits, you get a guaranteed monthly income for the rest of your life. While Social Security is one way to fund your retirement,

Most Americans make the wrong decision on when to claim Social Security benefits, impacting their financial security during retirement. Claiming early could cost you 30% of what you otherwise would receive.